The turnover of the insurance, reinsurance and pension funding sector in Belgium has shown a mixed yet generally upward trend from 2013 to 2023. After fluctuating between modest declines and significant growths, the sector stood at 46.25 billion Euros in 2023. The growth was particularly notable in 2019, with a striking 21.19% year-on-year increase. Subsequent years saw steadier growth, with the highest recent CAGR of 6.18% observed by 2023. Forecasts suggest a continued upward trend with an anticipated CAGR of 2.43% from 2024 to 2028, resulting in a projected sector turnover of 53.9 billion Euros by 2028.
Future trends to watch for include:
• The impact of technological advancements in the insurance and reinsurance industry.
• The adaptation of pension funds to changing demographics.
• Regulatory changes and their effects on market dynamics.
